Emaar township scam, Koneru Prasad in the Emaar-APIIC township project scam

The CBI Thursday arrested industrialist Koneru Prasad in the Emaar-APIIC township project scam:

The Central Bureau of Investigation Thursday arrested industrialist Koneru Prasad in the Emaar-APIIC township imagine scam.

CBI Joint Director V.V. Lakshminrayana imparted upon reporters Thursday night overly Prasad was arrested on charges of cheating and criminal conspiracy.

Prasad, who was arrested soon subsequent to he was questioned again by CBI officials, might be produced before a court Friday.

This was the first and foremost arrest made by CBI since registering the state of affairs against Dubai-based true estate strong Emaar and its Indian associates for cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in the township project.

The CBI official said Stylish Homes promoted by Prasad showed on paper the price of plots grown by Emaar MGF in the township as Rs.5,000 per square yard but purchased it for even greater price, thus cheating and affecting monumental losses to APIIC.

The CBI had registered the case on Aug 17 on the course of Andhra Pradesh High Court.

The court approved the orders on a petition filed by arrangement textiles minister Shankar Rao, who stated that Emaar brought minimal the equity of APIIC in the joint venture.

The district nodal agency, that allotted the prime yards for the presume at Gachibowli, had an equity of 26 per cent in the joint venture. 
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